Creditforprimarytaxesimposedunderarticlethirteen-a,
chapterelevenofthiscode. -- A credit shall be allowed against
the primary tax imposed by this article equal to the amount of the
liability of the taxpayer for the taxable year for the severance
tax imposed under article thirteen-a, chapter eleven of this code:
Provided, That the amount of such severance tax credit shall not
exceed fifty percent of the primary tax liability of the taxpayer
under this article, which is attributable to the West Virginia
taxable income derived by the taxpayer for the taxable year from
the activities with respect to which said tax under article
thirteen-a was imposed, and shall not in any event exceed fifty
percent of the primary tax liability of the taxpayer under this
article for such taxable year: Provided,however, That the entire
amount of the severance tax liability of the taxpayer, which was
taken as a deduction in determining its federal taxable income for
the taxable year, shall be an adjustment increasing federal taxable
income under section six of this article: Providedfurther, That
the taxpayer may at its option elect, in lieu of claiming the
credit allowable by this subsection, to not increase its federal
taxable income under section six of this article and thereby take
as a full deduction under this article for the taxable year the
amount of its severance tax liability for the taxable year, which
was taken as a deduction on its federal return for such taxable
year.

For purposes of this section, the tax imposed under article
thirteen-a, chapter eleven of this code shall be the amount of the liability of the taxpayer for such tax under said article thirteen- a computed without reduction for the tax credit for coal loading
facilities or for industrial expansion or revitalization allowed
for such year.

Expirationofcredit. -- The credit authorized in this section
shall expire and not be authorized or allowed for any taxable year
beginning on or after the first day of October, one thousand nine
hundred ninety.